July 15, 2024
Respiratory Devices Market

Emerging trends in chronic respiratory diseases to propel growth of the Respiratory Devices Market

The global Respiratory Devices Market is estimated to be valued at US$ 23701.98 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Respiratory devices are utilised for the treatment and management of various respiratory diseases and conditions such as asthma, COPD, pulmonary fibrosis and respiratory failure. The commonly used respiratory devices include positive airway pressure (PAP) devices, ventilators, nebulizers, humidifiers and oxygen concentrators. These devices help in monitoring respiration, improving ventilation and oxygenation and reducing respiratory symptoms. The rising prevalence of chronic respiratory diseases due to growing pollution levels and lifestyle habits has increased the demand for respiratory care devices globally.

Market key trends:
One of the key trends in the respiratory devices market is the emergence of portable and home-care devices. With growing awareness about benefits of home healthcare, manufacturers are increasingly focusing on developing compact, lightweight and easy to use respiratory devices for home settings. Moreover, the COVID-19 pandemic has accelerated the demand for portable respiratory devices to manage patients from home. Technological advancements in ventilators, such as incorporation of advanced sensors, intelligent alarms and connectivity features is another trend fueling the market growth. Integration of artificial intelligence in respiratory devices is also gaining traction to improve diagnosis and therapeutic outcomes. Growing investments by market players as well as public and private funding to advance respiratory care technologies will further contribute to the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The respiratory devices market requires extensive R&D and manufacturing capabilities which makes the entry barrier high for new players. In addition, the market is dominated by few major players who enjoy economies of scale in production and distribution.

Bargaining power of buyers: The bargaining power of buyers is moderate. While large hospitals and healthcare systems can negotiate on price, individual consumers have limited bargaining power due to inelastic demand for respiratory devices for critical conditions.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of several component manufacturers. Suppliers are dependent on major brands for volumes.

Threat of new substitutes: There is very low threat of substitution in the respiratory devices market. No effective alternatives currently exist for devices used in respiratory care.

Competitive rivalry: The respiratory devices market is highly competitive with presence of few major global players. Players compete based on innovation, brand value, and pricing.

Key Takeaways

The global Respiratory Devices Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of respiratory diseases and growing elderly population.

Regional analysis

North America dominates the global respiratory devices market due to growing respiratory patient pool, supportive reimbursement policies, and presence of major players. The Asia Pacific region is expected to exhibit the fastest growth during the forecast period owing to expanding healthcare infrastructure, large patient population, and growing medical tourism in the region.

Key players

Key players operating in the respiratory devices market include Masimo, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, ResMed, Hamilton Medical, Medtronic, Koninklijke Philips N.V., ICU Medical, Inc., General Electric Company, Dragerwerk AG & Co. KGaA, Inogen, Inc., TytoCare Ltd., Belluscura, Mitocon Biomed, VYAIRE, Medline Industries, Inc., OMRON Corporation, TNI medical AG, and Xplore Health Technologies Pvt. Ltd. Masimo dominates the market with pulse oximetry devices while ResMed leads the therapeutic devices segment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it